Homeowners underestimating ‘rebuilding’ costs

Roughly nine in ten homes are underestimating the amount of cover they need to account for ‘rebuilding’ costs on their property insurance, estimates show*.

This is largely because costs have shot up by 18% in a year, resulting in the average three-bed semi-detached home now costing £53,000 more to rebuild than it would have in February 2022.

Material costs have surged, with plasterboard costing 46% more, uPVC windows 49% more and insulation up by 62%. Other price increases include cement (34%), bricks (28%) and a shortage of skilled workers, which has added 5% to project costs.

Don’t leave yourself at risk of being underinsured. Make sure you’re covered for the full rebuild value of your home – we can help. Contact moneyQuest today.

^*Building Cost Information Service, 2023

As with all insurance policies, conditions and exclusions will apply

11 July, 2023

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